During the upward movement on EURAUD, which began in the second half of August, this pair moved above the trend line shown on the following H4 chart.

Growth dynamics after a second rebound from the trend line was significant and after a short break on the key resistance at 1.5065, it seemed that it was broken. As it turned out, the breakout was false, and the quotes quickly came under resistance, and further formed a lower low.

All the time price was above the trend line and there were even two successive attempts to overcome resistance at 1.5065. Unfortunately, they turned out to be unsuccessful and finally the supply led the course under the trend line where it is until now.

Important support now stands at 1.4978. Successful closure at this level and the establishment of new minimum may release further offers.

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The closest target for this scenario will be local support around 1.4895. Another important level of defence is close to 1.48.

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